Davenport, FL

Hi folks. I received a very interesting email today. Here it is:

Bryant,

I'm English, live in China, and have NO USA contact except I own an investment home in Davenport. Loan is 220k, worth maybe mid-100's. Do I walk (non-recourse…remember, I’m in China!) or short sell? Appreciate your advice..

Interesting question to say the least. And honestly I’m not sure how to respond. His question brought up a whole bunch of new questions in my head.

• What recourse would the lenders have on a foreign investor?

• What about FIRPTA?

• How would it affect his credit?

• Is there any advantage at all for a Foreign owner to go through the Short Sale process.

My market area is about 20 minutes to Disney and this issue is going to be coming up quite frequently.

Richard Zaretsky wrote a post last year about Short Sales and FIRPTA that you may find interesting as well.

Short Sales are not always straight forward transactions. It’s extremely important that we don’t use cookie cutter responses like “A short sale is far better than being foreclosed on”. Is it?

I need answers. Do you have any?

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Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

Hi folks. Today I want to give you a little taste of the real estate market in Central Florida. If you are not in Florida, California or Nevada it may be hard to comprehend how bad things got. How drastically values declined.

Let’s use Ginn Reunion Resort as an example. Reunion was designed to be a would class vacation resort. It features 54 holes of Championship golf designed by Arnold Palmer, Tom Watson and Jack Nicholas. Reunion Resort also has a 10 acre water park, 17 pools, horse stables, tennis, spas, shopping, ANNIKA Golf Accademy, condos, townhouses, single family homes and the topic of today’s post…….lots.

In 2004 and 2005 this was the place to buy and flip vacant lots. Standard size single family lots (4500 to 6500 sq ft) on the golf course were selling for as high as $600,000 in 2005. Today……..

• Bought in February 2003 for $82,900. Sold for $339,900 in May of 2005 with a mortgage of $271,900. Today it’s on the market as a REO at………$14,.900. That is NOT a typo.

• Bought in December 2004 for $184,900. Sold 3 months later for $310,000. It was foreclosed on and is on the market today for……$19,000.

• Sold for $546,700 in September of 2004 with a mortgage of $410,025. Available now for $25,000. Not sure what you could build on this one since it’s only 35 x 115.

Does it get any worse than this? What was the Lender thinking when they lent $410,025 on literally a strip of land 35 ft wide?

Anyway…...if you are looking for a deal in Reunion let me know. I’m sure we can find you something.

Reunion Lots from the $20,000s

Reunion Townhouses from the $110,000s

Reunion Condos from the $150,000s

Reunion Single Family Homes from the $200,000s

Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com

http://ShortSaleSuperStars.com

Are you a Florida REALTOR(R) looking for a change? Check it out.

CENTRAL FLORIDA REALTOR(r) OPPORTUNITIES

Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved

Read The Full Story at: www.ThePinkFlamingo.info

The Bimini Bay 11,000 Sq Ft Clubhouse was set to flames last month. The Bimini Bay resort was not known for it's amenities, or lack thereof, and now the one good thing it had going for it has been burnt to smithereens. The police suspect arson as the main cause of this fire and thankfully there were no injuries reported. According to the Fire Marshall, the damages are totaling around $1,000,000. I wouldn't hold your breathe on this being renovated anytime soon.

Bimini Bay Foreclosures For Sale

While we're on the topic of crime in Bimini Bay, earlier that week Bimini Bay served as the meeting place for four men planning a robbery. Two unsuspecting men who were hanging out at the local Kissimmee Denny's wandered to a party at the Bimini Bay Resort with two random women that they met (probably over a romantic platter of moons over my hammy) only to be forced into a vacant townhouse where they were held at gun point. Talk about a good day gone bad. They probably should have just stuck with Denny's and a romantic walk down I-drive in rush hour.

Bimini Bay appears to be taking alot of heat over the past month. . . no pun intended. From arson to robberies that would be enough to make me look at the properties up the street instead. With all this bad press surrounding the Bimini Bay resort this may be a good time to get a cheap townhouse in there as many owners will probably be deciding it's time for a move!

Bimini Bay Townhouses For Sale

Read The Full Article at: www.ThePinkFlamingo.info

"Hi Comcast? This is the The Villages at Legacy Park HOA and um, we just wanted to know why you shut off the cable to the entire community?"

How would you like to owe your cable company $105,305? That's how much the Legacy Park Town homes Homeowners Association owed to Comcast for an unpaid cable bill before they filed chapter 11 on June 16. Back in the boom the developers had to use whatever advantage they could to try and compete with other communities selling short term rental properties in the Davenport area and including cable as part of the HOA seemed like a good sales pitch at the time. Fast forward to the dreary days of the foreclosure epidemic and now what we have is alot of people with no cable and a broke HOA. Read Full Article Here

Legacy Park Bank Owned Properties For Sale